COLUMBUS, OH -- (MARKET WIRE) -- March 29, 2007 -- In response to the growing health insurance
crisis, local medical leaders have developed plans to create
The Physicians Assurance Corp.
(TPAC). The intended goal of TPAC is to provide a fair, equitable, and
shared insurance solution primarily owned and managed by local physicians
for both the medical community and small employer members.
"Group medical insurance premium rates are not stable for small employers,
especially in the central Ohio market. It is not uncommon to see price
increases two to three times the trend," said Dr. Alice Epitropoulos,
founder of
The Refractive
Center of Ohio and board member of TPAC. "This variance leads to
significant employer uncertainty and in turn, uncertainty to their
employees."
"Small employers see larger premium rate increases because they lack the
purchasing power of larger employers. TPAC will help to correct this
growing problem by building alliances to create a stable and more
predictable pricing environment for small employers," explained Dr. George
Ho, another TPAC board member, chairman of the
Mount Carmel Physician-Hospital
board and member of the
Columbus
Medical Association board.
The idea of TPAC was generated nearly two years ago by a team of leading
local physicians (who are now board members) that as employers and as
physicians decided the current health insurance market was no longer
acceptable.
As employers, these physicians experienced higher rates, making it more
difficult to offer quality insurance for their staff. Meanwhile, as
healthcare providers, they felt the pressure of reduced reimbursement rates
and increasingly challenging bureaucracy from insurance companies
TPAC's founders and
current
board members include:
-- Alice Epitropoulos, MD -- Jason Melillo, MD
-- Brett Wheeler, MD -- Rick Weiner, DPM
-- George Ho, MD -- Mike D'Eramo, MHA
-- Paul Burkhart, DO -- Brett Bäby, MPA
-- Don McNeil, MD -- Kirk Hummer, MBA
Making Progress
During the last two years of development, TPAC has made
significant progress. It has
secured funding to support an actuary analysis, completed a business plan,
established corporate governance, and is preparing to apply for a
certificate of authority from the Ohio Department of Insurance.
Insurance for a New Era
TPAC will operate initially in the central Ohio market. The group aims to
provide four key benefits:
-- Credibility: Unlike publicly traded insurance carriers, TPAC will be
majority-owned by local physicians, which brings with it local community
relationships, respect and trust.
-- Local Ownership and Decision Making: Health care is local, and TPAC
will be locally owned and operated with the intent of improving health care
in central Ohio.
-- Transparency: TPAC and its financial and underwriting protocols will
be transparent to the general public and its market.
-- Price Stability: TPAC's programs will be constructed to achieve high
stability in the small group healthcare market.
TPAC chairman Dr. Brett Wheeler, a central Ohio anesthesiologist, believes,
"Local companies don't feel they have enough strong insurance choices. TPAC
is a viable solution. Our goal is to put patients before profits."
For more information about TPAC, visit
www.tpacinsurance.com.
Contact Information: Contact:
Melina Metzger
Paul Werth Associates
(614) 224-8114
Email Contact